For 2009, a return of 17,9 per cent was achieved, after investment costs and before currency hedging. The extensive hedging portfolio with currency, shares and interest rate derivatives has provided sound protection. The protective construction forms part of the PNO Media investment policy aimed at reducing risk. We further pursue an austere investment policy, i.e. we only take up position in financial instruments of which we can properly assess its risks.
2009 return on investment portfolio
| Distribution (%) | Market value (€ x 1,000) | Return (%) |
|---|
| | | |
Shares | 37.7 | 1,040,444 | 33.8 |
Fixed-interest values | 40.0 | 1,106,521 | 14.4 |
Alternative investments | 22.3 | 616,864 | -0.1 |
| | | | |
Investments after costs | 100 | 2,763,829 | 17.9 |
| | | | |
Investments after costs and hedging | | 2,823,214 | 14.4 |
| | | |
For 2009, a return of 17,9 per cent was achieved, after investment costs and before currency hedging. The extensive hedging portfolio with currency, shares and interest rate derivatives has provided sound protection. The protective construction forms part of the PNO Media investment policy aimed at reducing risk. We further pursue an austere investment policy, i.e. we only take up position in financial instruments of which we can properly assess its risks.
2009 return on investment portfolio
| Distribution (%) | Market value (€ x 1,000) | Return (%) |
|---|
| | | |
Shares | 37.7 | 1,040,444 | 33.8 |
Fixed-interest values | 40.0 | 1,106,521 | 14.4 |
Alternative investments | 22.3 | 616,864 | -0.1 |
| | | | |
Investments after costs | 100 | 2,763,829 | 17.9 |
| | | | |
Investments after costs and hedging | | 2,823,214 | 14.4 |
| | | |